“Polysilicon Production Surge Sparks Oversupply Concerns in the Solar Sector”

The China Nonferrous Metals Industry Association reported that polysilicon prices in China stabilized this week due to limited trading, yet declining quotations from leading producers hinted at potential downward trends in the future. Current spot prices were within the range of CNY 40 ($5.47)/kg to CNY 42/kg, with domestic granular silicon priced between CNY 37/kg and CNY 39/kg. Projections for April indicate production may surpass 100,000 metric tons, intensifying concerns regarding oversupply. The wafer market displayed signs of instability as prices were resisted and demand from end markets diminished sooner than anticipated after a recent earthquake. M10-183N wafers were priced at CNY 1.25 to 1.28 each, G12R at CNY 1.50 to 1.55, and G12N at CNY 1.55 to 1.60. Significant growth in wafer production is anticipated. P-type M10 cells remained steady at CNY 0.31/W, but demand is predicted to decrease after the fiscal year-end in India. N-type M10, G12R, and G12 cells were offered at CNY 0.305 to 0.34/W, with analysts expecting a rise in cell manufacturing this month. Module prices have continued to decrease, with modules for distributed generation projects averaging CNY 0.745/W. Pricing for utility-scale projects remained around CNY 0.70/W, although some forecasts suggested post-May prices ranging from CNY 0.65 to 0.68/W. Export prices remained largely unchanged. TOPCon modules averaged $0.08/W to $0.10/W, heterojunction (HJT) between $0.095/W and $0.12/W, passivated emitter and rear cell (PERC) ranged from $0.07/W to $0.08/W, and n-type BC modules at $0.10/W to $0.11/W.

First PV Material disclosed that its revenue for 2024 dropped by 15.2% compared to the previous year, totaling CNY 19.15 billion, while net profits declined by 29.3% to CNY 1.31 billion. The firm attributed the downturn to persistent declines in solar module prices, fluctuations in ethylene-vinyl acetate (EVA) resin costs, and increasing foreign competition that impacted profit margins. It stated plans to boost the proportion of its next-generation polyolefin elastomer (POE) film products to 35% of total output and expand manufacturing capabilities internationally.

Sungrow announced its intention to conduct a share buyback projected to range between CNY 300 million and CNY 600 million. The repurchased A-shares will be designated for employee stock ownership or equity incentive programs. The firm indicated it will finance the buyback through its own resources or newly raised capital.

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